As we reported back in February, Irwindale Speedway closed its doors, turned out its lights, and the following day promptly filed for bankruptcy protection listing over $330,000 in debts. The debtor, Irwindale Speedway, LLC, was holding onto long term lease on the property that wasn’t set to expire until 2029, which prevented the property owner from just simply walking in and taking over. After the bankruptcy filing though, Nu-Way Industries, the property owner, sought to terminate the lease and retake possession of the property, and on March 23, 2012, the bankruptcy trustee put Nu-Way Industries back in lawful possession of the property.

After the closing of Irwindale, Fontana soon closed as well but for other reasons. With both drag strips closed, Southern California racers were left without a place to drag race. After Tuesday’s bankruptcy hearing, Nu-Way’s property manager, Jay Garrett, said one of the first things that they want to do is to get the drag strip re-opened.

Jim Cohen, the owner of L.A. Racing, has been overseeing the property since the LLC vacated the premises last February. He has also hired Bob Klein, who was the drag strip’s operations manager. “It’s locked, loaded and ready,” Cohen said about the drag strip. “We know it’s very popular.” He further hinted that drag racing may be held on both Thursdays AND now Saturdays as well, but not on a weekly basis, rather more spread out so that the drag days are better attended.

“Now that the property is released, we are in a spot where we can make some announcements,” said Garrett. Look for some upcoming 1/8 mile drag racing dates coming soon, which is good news to SoCal drag racing fans!